The White House puts its best Obamacare minds behind cleaning up the 401(k) business -- starting by issuing a withering memo

Finally, doing the right thing is about to be institutionalized. For brokers who do not believe their advice is conflicted, the door is open for competing advisors to elaborate what the conflicts are and how they do not accrue to the best interest of the investing public. It will be interesting how brokers defend their not being accountable for their recommendations (triggering fiduciary responsibility or not having any ongoing responsibility for their recommendations (difference between suitability and fiduciary standard).

Essentially, individual brokers have no control over their value proposition, cost structure, margins or professional standing. The institutionalized obstruction to the broker doing the right thing in the client’s best interest is about to end. This will increasingly be the differentiating topic in the minds of all consumers.

The brokerage industry is about to understand it is not possible to add value if it does not acknowledge or support advice being rendered by its brokers. The ramifications of thwarting the fiduciary standard, are about to be heard clear and loud.

SCW

Is this headline intended to engender confidence in the proposed DOL Rule?

Paul,

But of course!

Brooke
Liberal Journalist